PT Tower Bersama Infrastructure Tbk

tbig

Overview

TBIG Overview

PT Tower Bersama Infrastructure Tbk is an Indonesia-based company engaged in leasing space for antennas and other equipment for wireless signal transmission at tower sites under long-term lease agreements with telecommunications operators. Its segments include Tower, Repeater, Building and Fiber Optic. The Company provides its tower leasing service through build-to-suit and collocation site solutions. Built-to-suit tower sites are constructed based on orders from telecommunications operators, while collocation is leasing on existing tower sites. It provides various services to its customers, including planning and design, site acquisition, licensing, construction and deployment, and operation and maintenance of tower infrastructure. The Company also provides telecommunications operators with access to its distributed antenna system (DAS) networks in shopping malls and office buildings in urban areas. It owns and operates approximately 70 DAS and repeater sites in urban areas.

51015ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: TBIG

Main
Market Cap.
IDR 42.33Trillion

~$2.69B USD

Industry
Wireless Telecommunication Services
Sub-Industry
Wireless Telecommunication Services
Sector
Infrastructures

Valuation

TBIG Valuation Metrics

1,870

IDR

Closing Price on 2024-04-05

Price to Equity

27.61

P/E

At 27.61x P/E TTM, TBIG.JK is trading at a premium to its peers in the Telecommunication sector (avg 21.5x).

Price to Book

3.98

P/B

At 3.98x P/B TTM, TBIG.JK is trading at a premium to its peers in the Telecommunication sector (avg 1.2x).

Price to Sales

6.46

P/S

At 6.46x P/S TTM, TBIG.JK is trading at a premium to its peers in the Telecommunication sector (avg 4.2x).

Valuing PT Tower Bersama Infrastructure Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Telecommunication sector

Historical Price to Earnings

Other Valuation Metrics

Valuing PT Tower Bersama Infrastructure Tbk relative to other stocks in the Telecommunication sector

Price/Cash Flow
9.07x
Price/Forward Earnings
26.92x
Enterprise Value/Revenue
10.83x
Enterprise Value/EBITDA
19.65x
PEG Ratio
3.33x

Analyst Ratings

40
60
80
0
100

55.0

Undervalued

Fairly Valued

Overvalued

Last closing: IDR1,8702024-04-05
IDR 798.35

Considerably Lower Intrinsic Value: Analyst's intrinsic value is of TBIG is IDR798, which is 56% lower than TBIG's last closing price of IDR1,870 (as of 2024-04-05).

Valuation Recap of TBIG stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 27.61x is above the ID market average of 8.22x and is trading at a premium to peers in the Telecommunication sector (21.52x). In fact, less than 25% of its peers trade at a higher P/E ratio than TBIG.
Max 3
High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 3.98x is above the peers average of 1.24x in the Telecommunication sector. TBIG trades at a higher P/B ratio than >75% of its peers in the Telecommunication sector.
Max 3
Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 6.46x is above the peers average of 4.20x in the Telecommunication sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of TBIG's valuation relative to its current sales and future earnings growth. TBIG trades at a Forward P/E ratio of 26.92x, which is considered richly valued by analysts.
Max 2
Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. TBIG's P/CF ratio of 9.07x is considered healthy by analysts.
Max 2
Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. TBIG's EV/R ratio of 10.83x is considered a relatively high ratio The average EV/R ratio for the Telecommunication sector is 7.21x.
Max 3
Medium
Considerably Lower Intrinsic Value: Analyst's intrinsic value is of TBIG is IDR 798.35, which is 56% lower than TBIG's last closing price of IDR 1,870.00.
Max 3

Peers

TBIG Peers and Comparison

Market Cap.

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
BRENPT Barito Renewables Energy Tbk.926.47T0.00T 0.00T 0.00T
TLKMPT Telkom Indonesia (Persero) Tbk339.78T276.21T 149.67T 23.67T 14.352.60
ISATPT Indosat Tbk90.71T112.21T 49.68T 3.82T 23.733.12
MTELPT Dayamitra Telekomunikasi Tbk52.05T56.35T 8.40T 1.99T 26.171.56
PGEOPT Pertamina Geothermal Energy Tbk49.37T43.54T 6.20T 2.25T 21.911.72
SUPRSolusi Tunas Pratama Tbk45.39T9.47T 1.88T 0.97T 47.028.49
TOWRSarana Menara Nusantara Tbk42.58T68.22T 11.65T 3.31T 12.872.67
TBIGPT Tower Bersama Infrastructure Tbk42.33T43.76T 6.56T 1.53T 27.613.98
JSMRPT Jasa Marga Tbk39.92T124.90T 18.94T 7.71T 5.171.47
EXCLPT XL Axiata Tbk30.07T86.10T 31.41T 1.14T 26.401.15
Competitiveness Recap of TBIG stock
WeightNotesScore
High
At a market cap of IDR 42,330.26 billion, TBIG.JK ranks 8 in Market Cap out of 10 companies in the Infrastructures sector.
Max 2
High
At a PE of 27.61, TBIG.JK ranks 2 out of 10 companies in the Infrastructures sector for P/E value. The average PE is 20.52 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Infrastructures. In this regard, it trails behind sector leaders such as Solusi Tunas Pratama Tbk (47.02) in the Infrastructures sector.●●
Max 2
Medium
At a PE of 27.61, TBIG.JK is trading at a higher PE than that of its subsector peers in Telecommunication (median of 21.52). false●●
Max 2
Medium
At a revenue of IDR 6.56 trillion, TBIG.JK ranks 7 in Revenue out of 10 companies in the Infrastructures sector.
Max 2
Medium
At a profit of IDR 1.53 trillion, TBIG.JK ranks 7 in Profit out of 10 companies in the Infrastructures sector.
Max 2

Future

Future Growth of TBIG

Growth Forecasts

TBIG 2024 Revenue Growth
+5.8%
TBIG 2024 EPS Growth
+1.1%
Sector Revenue Growth
+15.1%
Telecommunication
Indonesia Market Growth
+12.0%
IDX overall growth
Telecommunication Sector Revenue Growth '24
+11.3%
Infrastructures Sector Revenue Growth '24
+11.2%

Sector Benchmark

Telecommunication companies in Indonesia are growing at a projected rate of 15.07% against the IDX average of +12.0%.

Telecommunication sector overview

TBIG Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of TBIG
WeightNotesScore
High
TBIG's projected growth rate of 15.07% is above the ID market average of 11.98%.●●●
Max 3
High
The Telecommunication sub-sector is projected to grow revenue by 11.28% in 2024. This number is higher than the previous year 2023's growth rate of 4.65%. This bodes well for TBIG's revenue growth prospects in the next 2 years. ●●
Max 3
Medium
The Telecommunication sub-sector is projected to increase earnings by 23.79% in 2024. This number is higher than the previous year 2023's EPS growth of 10.96%. This bodes well for TBIG's earnings growth prospects in the next 2 years. ●●●
Max 3
Medium
TBIG and its peers in the Telecommunication sub-sector belongs to the Infrastructures sector. Companies in the Infrastructures sector are projected to have a fruitful year heading into 2024. Specifically, earnings are projected to increase by 25.05% in 2024 while revenue growth is projected to increase by 11.23%. These macroeconomic trends will likely be a tailwind for TBIG's earnings growth prospects in the next 2 years. ●●●
Max 3
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Management

Executive Management

President Director

Herman Setya Budi15.2 years

Vice President Director

Hardi Wijaya Liong15.4 years
Budianto Purwahjo
Director
Helmy Yusman Santoso
Director
NamePositionShares%
Budianto PurwahjoDirector5,025,0000.02
Edwin SoeryadjayaPresident Commissioner71,481,8300.32
Hardi Wijaya LiongVice President Director68,359,9050.3
Helmy Yusman SantosoDirector3,125,000< 0.01
Herman Setya BudiPresident Director4,625,0000.02
Expressed in millions IDR, unless otherwise stated

Ownership

TBIG Ownership

Others
8.34%
Insiders
90.09%
Institutions
1.57%
NameNumber of SharesOwnership (%)Value
Bersama Digital Infrastructure Asia Pte Ltd 17,067,840,62375.3331,916.86B
Public (Scripless)3,317,759,54714.646,204.21B
Wahana Anugerah Sejahtera, Pt2,098,321,8409.263,923.86B
Edwin Soeryadjaya71,481,8300.32133.67B
Hardi Wijaya Liong68,359,9050.3127.83B
Treasury Stock20,460,7000.0938.26B
Herman Setya Budi4,625,0000.028.65B
Budianto Purwahjo5,025,0000.029.40B
Helmy Yusman Santoso3,125,0000.015.84B

Largest Institutional Buy

Boston Common Asset Management
Bought 31-01-2024
+3,902,975 shares
AMP Financial Services
Bought 31-01-2024
+256,724 shares
Dimensional Fund Advisors
Bought 31-01-2024
+155,100 shares

Largest Institutional Sell

BlackRock Fund Advisors
Sold 31-01-2024
-79,491,170 shares
BlackRock
Sold 31-01-2024
-21,339,987 shares
Northern Trust Investments Inc
Sold 31-01-2024
-20,807,501 shares

Institutional Transactions

Tracking institutional transactions buying / selling of TBIG stock